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GlobeSt.com EXCLUSIVE: Matrix Buys 224,000-SF Warehouse/Office Bldg.

CRANBURY, NJ-The seller was Bristol-Myers Squibb, which has vacated the NJ Turnpike Exit 8A submarket facility. The Garibaldi Group represented the pharmaceutical giant in the transaction.

By Eric Peterson | Updated on October 27, 2003

CRANBURY, NJ-Matrix Development Group, the privately held real estate investment and development company based here, has acquired yet another building in its own back yard. The company, which has developed more than 15 million sf of industrial space in the marketplace, has just picked up One Squibb Dr. in Cranbury, a 224,000-sf combination warehouse/distribution and office building.

The seller was the building’s former occupant, Bristol-Myers Squibb. For the transaction, the pharmaceutical giant was represented by Robert T. Morford, principal, Gerald E. Moore, managing director of financial services, vice president James Bortolotti and associate vice president C. J. McCourt of the Garibaldi Group of Chatham, NJ. The parties declined to disclose the sale price, although some market observers put the deal in the $10- to $12-million range.

“The location of One Squibb Dr. created significant interest among buyers,” according to Morford. “This transaction, I believe, also demonstrates the continued underlying strength of the New Jersey industrial market.”

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